Developing Your Business Family Strategy: Where to Start and What to Consider

Abstract

Even though evidence has shown the importance of investing time and resources in developing a strategy for the business family, many business-owning families work mostly on their business strategy and largely neglect the business family strategy (Rüsen & Löhde 2021). This is interesting given that as families grow, it can be more difficult to have a shared and united approach. Larger business families can be more geographically dispersed, have a wider set of goals and experiences, and have fewer opportunities to connect and meet with one another. These make it difficult for family members to agree on how to work together and what to do together as a business family.